Toyota Motor 6K FY2024 First Quarter | TM 1 Aug 23

FINANCIAL SUMMARY

(All financial information has been prepared in accordance with International Financial Reporting Standards)

FY2024 First Quarter

(April 1, 2023 through June 30, 2023)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2024 First Quarter Consolidated Financial Results

(All financial information has been prepared in accordance with International Financial Reporting Standards)

English translation from the original Japanese-language document

August 1, 2023


Company name	:	Toyota Motor Corporation
Stock exchanges on which the shares are listed	:	Tokyo and Nagoya Stock Exchanges in Japan
Code number	:	7203
URL	:	https://global.toyota/jp/
Representative	:	Koji Sato, President
Contact person	:	Hideaki Hayashi, General Manager, Accounting Division Tel. (0565)28-2121
Filing date of quarterly securities report	:	August 10, 2023
Payment date of cash dividends	:	—
Supplemental materials prepared for quarterly financial results	:	yes
Earnings announcement for quarterly financial results	:	yes

(Amounts are rounded to the nearest million yen)

1.	Consolidated Results for FY2024 First Quarter (April 1, 2023 through June 30, 2023)

(1)	Consolidated financial results (For the first quarter ended June 30)


	(% of change from previous first quarter)
	Sales revenues				Operating income				Income before income taxes				Net income				Net income attributable to Toyota Motor Corporation				Comprehensive income
	Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%
FY2024 first quarter		10,546,831		24.2		1,120,900		93.7		1,720,553		68.4		1,326,890		75.0		1,311,372		78.0		2,553,887		51.3
FY2023 first quarter		8,491,116		7.0		578,655		-42.0		1,021,748		-18.7		758,253		-18.2		736,820		-17.9		1,688,311		47.3


	Earnings per share attributable to Toyota Motor Corporation – Basic		Earnings per share attributable to Toyota Motor Corporation – Diluted
	Yen		Yen
FY2024 first quarter		96.74		96.74
FY2023 first quarter		53.65		53.65

(2)	Consolidated financial position


	Total assets		Total shareholders’ equity		Toyota Motor Corporation shareholders’ equity		Ratio of Toyota Motor Corporation shareholders’ equity
	Million yen		Million yen		Million yen		%
FY2024 first quarter		80,131,208		31,274,404		30,330,063		37.9
FY2023		74,303,180		29,264,213		28,338,706		38.1

2.	Cash Dividends


	Annual cash dividends per common share
	End of first quarter		End of second quarter		End of third quarter		Year-end		Total
	Yen		Yen		Yen		Yen		Yen
FY2023		—		25.00		—		35.00		60.00
FY2024		—
FY2024 (forecast)				—		—		—		—


(Note)		Revisions to the forecast of cash dividends since the latest announcement: none

3.	Forecast of Consolidated Results for FY2024 (April 1, 2023 through March 31, 2024)


	(% of change from FY2023)
	Sales revenues			Operating income			Income before income taxes			Net income attributable to Toyota Motor Corporation			Earnings per share attributable to Toyota Motor Corporation – Basic
	Million yen	%		Million yen	%		Million yen	%		Million yen	%		Yen
Full-year	38,000,000		2.3	3,000,000		10.1	3,690,000		0.6	2,580,000		5.2	190.41


(Note)		Revisions to the forecast of consolidated results since the latest announcement: none

Notes

(1)	Changes in significant subsidiaries during the current quarter

(Changes in specified subsidiaries that caused a change in the scope of consolidation): none

(2)	Changes in accounting policies and changes in accounting estimates

(i)

Changes in accounting policies required by IFRS: none

(ii)

Changes other than (2)-(i) above: none

(iii)

Changes in accounting estimates: none

(3)	Number of shares issued and outstanding (common stock)

(i)

Number of shares issued and outstanding at the end of each period (including treasury stock):

FY2024 first quarter 16,314,987,460 shares, FY2023 16,314,987,460 shares

(ii)

Number of treasury stock at the end of each period: FY2024 first quarter 2,766,819,146 shares,

FY2023 2,749,807,731 shares

(iii)

Average number of shares issued and outstanding in each period: FY2024 first quarter 13,555,662,829 shares,

FY2023 first quarter 13,732,568,596 shares

These consolidated financial results are not subject to certified public accountant’s or audit firm’s quarterly review.

Cautionary Statement with Respect to Forward-Looking Statements, and Other Information

This report contains forward-looking statements that reflect Toyota’s plans and expectations. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.

A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

In order to convey top management’s aspirations and the company’s direction to all those whose lives are touched by Toyota, Toyota communicates what Toyota is really like through “Toyota Times.”

“Toyota Times” (https://toyotatimes.jp/en/)

TOYOTA MOTOR CORPORATION FY2024 First Quarter Financial Summary

TABLE OF CONTENTS


Unaudited Condensed Quarterly Consolidated Financial Statements and Notes to Unaudited Condensed Quarterly Consolidated Financial Statements			2
1. Unaudited Condensed Quarterly Consolidated Statement of Financial Position			2
2. Unaudited Condensed Quarterly Consolidated Statement of Income and Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income			4
3. Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity			6
4. Unaudited Condensed Quarterly Consolidated Statement of Cash Flows			7
5. Going Concern Assumption			8

Supplemental Material for Financial Results for FY2024 First Quarter

—1—

TOYOTA MOTOR CORPORATION FY2024 First Quarter Financial Summary

Unaudited Condensed Quarterly Consolidated Financial Statements and

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

1. Unaudited Condensed Quarterly Consolidated Statement of Financial Position


	Yen in millions
	March 31, 2023			June 30, 2023
Assets
Current assets
Cash and cash equivalents		7,516,966			7,906,447
Trade accounts and other receivables		3,586,130			3,579,181
Receivables related to financial services		8,279,806			9,244,379
Other financial assets		1,715,675			2,287,272
Inventories		4,255,614			4,671,910
Income tax receivable		218,704			245,936
Other current assets		886,885			1,008,874

Total current assets		26,459,781			28,943,999

Non-current assets
Investments accounted for using the equity method		5,227,345			5,143,351
Receivables related to financial services		16,491,045			18,213,507
Other financial assets		10,556,431			11,460,296
Property, plant and equipment
Land		1,426,370			1,446,910
Buildings		5,464,811			5,654,705
Machinery and equipment		14,796,619			15,591,572
Vehicles and equipment on operating leases		6,774,427			7,227,875
Construction in progress		846,866			852,978

Total property, plant and equipment, at cost		29,309,093			30,774,041

Less - Accumulated depreciation and impairment losses		(16,675,119	)		(17,482,649	)

Total property, plant and equipment, net		12,633,974			13,291,392

Right of use assets		491,368			516,601
Intangible assets		1,249,122			1,299,050
Deferred tax assets		387,427			434,307
Other non-current assets		806,687			828,706

Total non-current assets		47,843,399			51,187,209

Total assets		74,303,180			80,131,208

—2—

TOYOTA MOTOR CORPORATION FY2024 First Quarter Financial Summary


	Yen in millions
	March 31, 2023			June 30, 2023
Liabilities
Current liabilities
Trade accounts and other payables		4,986,309			4,919,905
Short-term and current portion of long-term debt		12,305,639			13,777,028
Accrued expenses		1,552,345			1,710,575
Other financial liabilities		1,392,397			1,614,693
Income taxes payable		404,606			457,088
Liabilities for quality assurance		1,686,357			1,780,077
Other current liabilities		1,632,063			1,842,395

Total current liabilities		23,959,715			26,101,761

Non-current liabilities
Long-term debt		17,074,634			18,239,266
Other financial liabilities		533,710			638,120
Retirement benefit liabilities		1,065,508			1,106,614
Deferred tax liabilities		1,802,346			2,114,444
Other non-current liabilities		603,052			656,599

Total non-current liabilities		21,079,251			22,755,043

Total liabilities		45,038,967			48,856,804

Shareholders’ equity
Common stock		397,050			397,050
Additional paid-in capital		498,728			497,995
Retained earnings		28,343,296			29,279,685
Other components of equity		2,836,195			3,925,624
Treasury stock		(3,736,562	)		(3,770,291	)

Total Toyota Motor Corporation shareholders’ equity		28,338,706			30,330,063

Non-controlling interests		925,507			944,341

Total shareholders’ equity		29,264,213			31,274,404

Total liabilities and shareholders’ equity		74,303,180			80,131,208

—3—

TOYOTA MOTOR CORPORATION FY2024 First Quarter Financial Summary

2. Unaudited Condensed Quarterly Consolidated Statement of Income and

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

Unaudited Condensed Quarterly Consolidated Statement of Income


	Yen in millions
	For the first quarter ended June 30, 2022			For the first quarter ended June 30, 2023
Sales revenues
Sales of products		7,844,455			9,785,454
Financial services		646,661			761,377

Total sales revenues		8,491,116			10,546,831

Costs and expenses
Cost of products sold		6,700,127			8,040,979
Cost of financial services		399,840			442,948
Selling, general and administrative		812,494			942,003

Total costs and expenses		7,912,462			9,425,931

Operating income		578,655			1,120,900

Share of profit (loss) of investments accounted for using the equity method		171,069			193,356
Other finance income		125,793			190,127
Other finance costs		(19,362	)		(23,339	)
Foreign exchange gain (loss), net		183,259			246,776
Other income (loss), net		(17,667	)		(7,267	)

Income before income taxes		1,021,748			1,720,553

Income tax expense		263,496			393,663

Net income		758,253			1,326,890

Net income attributable to
Toyota Motor Corporation		736,820			1,311,372
Non-controlling interests		21,432			15,518

Net income		758,253			1,326,890


	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted		53.65			96.74

—4—

TOYOTA MOTOR CORPORATION FY2024 First Quarter Financial Summary

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income


	Yen in millions
	For the first quarter ended June 30, 2022			For the first quarter ended June 30, 2023
Net income		758,253			1,326,890
Other comprehensive income, net of tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		41,613			375,035
Remeasurements of defined benefit plans		(3,528	)		(3,074	)
Share of other comprehensive income of equity method investees		(60,004	)		60,922

Total of items that will not be reclassified to profit (loss)		(21,919	)		432,883

Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		918,143			760,182
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		(87,260	)		(7,604	)
Share of other comprehensive income of equity method investees		121,095			41,536

Total of items that may be reclassified subsequently to profit (loss)		951,978			794,114

Total other comprehensive income, net of tax		930,059			1,226,997

Comprehensive income		1,688,311			2,553,887

Comprehensive income for the period attributable to
Toyota Motor Corporation		1,635,179			2,500,599
Non-controlling interests		53,132			53,288

Comprehensive income		1,688,311			2,553,887

—5—

TOYOTA MOTOR CORPORATION FY2024 First Quarter Financial Summary

3. Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity

For the first quarter ended June 30, 2022


	Yen in millions
	Common stock		Additional paid-in capital			Retained earnings			Other components of equity			Treasury stock			Toyota Motor Corporation shareholders’ equity			Non- controlling interests			Total shareholders’ equity
Balances at April 1, 2022		397,050		498,575			26,453,126			2,203,254			(3,306,037	)		26,245,969			908,851			27,154,820

Comprehensive income
Net income		—		—			736,820			—			—			736,820			21,432			758,253
Other comprehensive income, net of tax		—		—			—			898,359			—			898,359			31,699			930,059

Total comprehensive income		—		—			736,820			898,359			—			1,635,179			53,132			1,688,311

Transactions with owners and other
Dividends paid		—		—			(385,792	)		—			—			(385,792	)		(25,187	)		(410,979	)
Repurchase of treasury stock		—		—			—			—			(121,311	)		(121,311	)		—			(121,311	)
Reissuance of treasury stock		—		334			—			—			573			907			—			907
Equity transactions and other		—		(133	)		—			—			—			(133	)		(3,071	)		(3,204	)

Total transactions with owners and other		—		201			(385,792	)		—			(120,739	)		(506,330	)		(28,258	)		(534,588	)

Reclassification to retained earnings		—		—			69,277			(69,277	)		—			—			—			—

Balances at June 30, 2022		397,050		498,776			26,873,431			3,032,336			(3,426,775	)		27,374,818			933,725			28,308,543

For the first quarter ended June 30, 2023
	Yen in millions
	Common stock		Additional paid-in capital			Retained earnings			Other components of equity			Treasury stock			Toyota Motor Corporation shareholders’ equity			Non- controlling interests			Total shareholders’ equity
Balances at April 1, 2023		397,050		498,728			28,343,296			2,836,195			(3,736,562	)		28,338,706			925,507			29,264,213

Comprehensive income
Net income		—		—			1,311,372			—			—			1,311,372			15,518			1,326,890
Other comprehensive income, net of tax		—		—			—			1,189,227			—			1,189,227			37,770			1,226,997

Total comprehensive income		—		—			1,311,372			1,189,227			—			2,500,599			53,288			2,553,887

Transactions with owners and other
Dividends paid		—		—			(474,781	)		—			—			(474,781	)		(35,457	)		(510,238	)
Repurchase of treasury stock		—		—			—			—			(34,377	)		(34,377	)		—			(34,377	)
Reissuance of treasury stock		—		263			—			—			649			911			—			911
Equity transactions and other		—		(995	)		—			—			—			(995	)		1,003			8

Total transactions with owners and other		—		(733	)		(474,781	)		—			(33,728	)		(509,242	)		(34,454	)		(543,696	)

Reclassification to retained earnings		—		—			99,799			(99,799	)		—			—			—			—

Balances at June 30, 2023		397,050		497,995			29,279,685			3,925,624			(3,770,291	)		30,330,063			944,341			31,274,404

—6—

TOYOTA MOTOR CORPORATION FY2024 First Quarter Financial Summary

4. Unaudited Condensed Quarterly Consolidated Statement of Cash Flows


	Yen in millions
	For the first quarter ended June 30, 2022			For the first quarter ended June 30, 2023
Cash flows from operating activities
Net income		758,253			1,326,890
Depreciation and amortization		503,366			505,809
Interest income and interest costs related to financial services, net		(178,125	)		(174,594	)
Share of profit (loss) of investments accounted for using the equity method		(171,069	)		(193,356	)
Income tax expense		263,496			393,663
Changes in operating assets and liabilities, and other		(286,225	)		(802,363	)
Interest received		309,518			488,866
Dividends received		338,516			445,938
Interest paid		(80,904	)		(204,171	)
Income taxes paid, net of refunds		(692,736	)		(428,464	)

Net cash provided by (used in) operating activities		764,087			1,358,218

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(374,083	)		(458,706	)
Additions to equipment leased to others		(458,483	)		(636,023	)
Proceeds from sales of fixed assets excluding equipment leased to others		16,925			8,165
Proceeds from sales of equipment leased to others		427,753			460,086
Additions to intangible assets		(71,861	)		(80,030	)
Additions to public and corporate bonds and stocks		(353,453	)		(614,453	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		282,823			755,711
Other, net		79,467			(551,805	)

Net cash provided by (used in) investing activities		(450,912	)		(1,117,054	)

Cash flows from financing activities
Increase (decrease) in short-term debt		160,646			138,977
Proceeds from long-term debt		2,238,120			2,181,694
Payments of long-term debt		(1,940,196	)		(1,869,180	)
Dividends paid to Toyota Motor Corporation common shareholders		(385,792	)		(474,781	)
Dividends paid to non-controlling interests		(25,187	)		(35,457	)
Reissuance (repurchase) of treasury stock		(121,311	)		(34,377	)
Other, net		—			268

Net cash provided by (used in) financing activities		(73,721	)		(92,858	)

Effect of exchange rate changes on cash and cash equivalents		331,904			241,175

Net increase (decrease) in cash and cash equivalents		571,357			389,481

Cash and cash equivalents at beginning of period		6,113,655			7,516,966

Cash and cash equivalents at end of period		6,685,012			7,906,447

—7—

TOYOTA MOTOR CORPORATION FY2024 First Quarter Financial Summary

5. Going Concern Assumption

None

—8—

Supplemental Material for Financial Results for FY2024 First Quarter (Consolidated)

< IFRS >


	FY2023															FY2024			FY2024
	1Q (2022/4-6)			2Q (2022/7-9)			3Q (2022/10-12)			4Q (2023/1-3)			12 months (‘22/4-‘23/3)			1Q (2023/4-6)			Forecast 12 months (‘23/4-‘24/3)
Vehicle Production (thousands of units)		1,936			2,179			2,243			2,336			8,694			2,345
(Japan) –including Daihatsu & Hino		802			934			975			1,078			3,789			1,025
[Daihatsu & Hino]		[208	]		[240	]		[285	]		[269	]		[1,002	]		[190	]
(Overseas) –including Daihatsu & Hino		1,135			1,245			1,268			1,258			4,905			1,321
[Daihatsu & Hino]		[121	]		[157	]		[164	]		[156	]		[597	]		[118	]
North America		452			460			415			441			1,768			520
Europe		201			183			210			176			771			223
Asia		372			468			510			508			1,859			437
Central and South America		104			105			95			95			398			102
Africa		5			28			38			38			109			39
Vehicle Sales (thousands of units)		2,013			2,146			2,331			2,331			8,822			2,326			9,600
(Japan) –including Daihatsu & Hino		403			466			532			668			2,069			532			2,320
[Daihatsu & Hino]		[126	]		[144	]		[169	]		[182	]		[621	]		[134	]		[620	]
(Overseas) –including Daihatsu & Hino		1,610			1,680			1,799			1,664			6,753			1,794			7,280
[Daihatsu & Hino]		[68	]		[78	]		[92	]		[83	]		[321	]		[69	]		[280	]
North America		635			610			607			555			2,407			682			2,660
Europe		248			231			277			273			1,030			286			1,130
Asia		361			456			476			458			1,751			417			1,870
Central and South America		123			128			144			115			509			128			500
Oceania		76			67			68			54			265			76			290
Africa		36			61			68			61			226			59			270
Middle East		130			126			157			145			559			143			560
Other		2			2			2			2			7			3
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		2,544			2,625			2,721			2,669			10,558			2,751			11,380

Supplemental 1

Supplemental Material for Financial Results for FY2024 First Quarter (Consolidated)

< IFRS >


	FY2023															FY2024			FY2024
	1Q (2022/4-6)			2Q (2022/7-9)			3Q (2022/10-12)			4Q (2023/1-3)			12 months (‘22/4-‘23/3)			1Q (2023/4-6)			Forecast 12 months (‘23/4-‘24/3)
Foreign Exchange Rates
Yen to US Dollar Rate		130			138			141			132			135			137			as premise: 125
Yen to Euro Rate		138			139			144			142			141			150			as premise: 135
Number of Employees		376,971			377,369			375,396			375,235			375,235			379,659	^(Note 1)
Sales Revenues (billions of yen)		8,491.1			9,218.2			9,754.6			9,690.2			37,154.2			10,546.8			38,000.0
Geographic Information
Japan		3,899.7			4,290.1			4,582.2			4,811.0			17,583.1			5,105.5
North America		3,349.9			3,523.6			3,588.9			3,381.4			13,843.9			4,092.0
Europe		973.0			939.3			1,155.6			1,205.6			4,273.7			1,299.0
Asia		1,795.6			2,153.3			2,183.9			1,911.9			8,044.9			1,964.5
Other		828.7			907.5			907.1			828.7			3,472.1			1,024.6
Elimination		-2,355.9			-2,595.8			-2,663.2			-2,448.5			-10,063.6			-2,939.0
Business Segment
Automotive		7,720.1			8,408.9			8,871.4			8,819.4			33,820.0			9,687.9
Financial Services		652.1			704.2			741.7			711.5			2,809.6			775.1
All Other		262.3			271.0			312.2			379.2			1,224.9			306.4
Elimination		-143.4			-166.0			-170.6			-220.0			-700.2			-222.7
Operating Income (billions of yen)		578.6			562.7			956.6			626.9			2,725.0			1,120.9			3,000.0
(Operating Income Ratio) (%)		( 6.8	)		( 6.1	)		( 9.8	)		( 6.5	)		( 7.3	)		( 10.6	)		( 7.9	)
Geographic Information
Japan		336.7			521.1			683.4			360.1			1,901.4			701.9
North America		14.5			-85.6			-17.9			14.2			-74.7			119.6
Europe		19.6			-65.5			62.6			40.7			57.4			83.0
Asia		212.7			178.9			168.7			154.0			714.4			186.2
Other		45.8			64.0			66.1			55.3			231.3			85.4
Elimination		-50.8			-50.1			-6.3			2.3			-104.9			-55.4
Business Segment
Automotive		449.2			453.7			818.8			458.8			2,180.6			945.6
Financial Services		114.5			84.4			125.0			113.5			437.5			147.2
All Other		18.3			20.3			18.4			46.2			103.4			40.2
Elimination		-3.4			4.3			-5.7			8.3			3.4			-12.2
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)		171.0			133.5			170.0			168.3			643.0			193.3			690.0
Income before Income Taxes (billions of yen)		1,021.7			812.5			1,034.9			799.4			3,668.7			1,720.5			3,690.0
(Income before Income Taxes Ratio) (%)		(12.0	)		(8.8	)		(10.6	)		(8.3	)		(9.9	)		(16.3	)		(9.7	)
Net Income Attributable to Toyota Motor Corporation (billions of yen)		736.8			434.2			727.9			552.2			2,451.3			1,311.3			2,580.0
(Net Income Ratio) (%)		(8.7	)		(4.7	)		(7.5	)		(5.7	)		(6.6	)		(12.4	)		(6.8	)
Dividends
Cash Dividends (billions of yen)		—			342.1			—			474.7			816.9			—	^(Note 2)
Cash Dividends per Share (yen)		—			25			—			35			60			—
Payout Ratio (%)		—			29.2			—			37.1			33.4			—
Value of Shares Repurchased (billions of yen)[actual purchase]		121.3			74.2			141.0			94.5			431.0			34.3	^(Note 3)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			149.9			—			150.0			299.9			—	^(Note 3)^{(Note 4)}
Number of Outstanding Shares (thousands)		16,314,987			16,314,987			16,314,987			16,314,987			16,314,987			16,314,987

Supplemental 2

Supplemental Material for Financial Results for FY2024 First Quarter (Consolidated)

< IFRS >


	FY2023										FY2024			FY2024
	1Q (2022/4-6)		2Q (2022/7-9)		3Q (2022/10-12)		4Q (2023/1-3)		12 months (‘22/4-‘23/3)		1Q (2023/4-6)			Forecast 12 months (‘23/4-‘24/3)
R&D Expenses (billions of yen)		302.2		318.4		298.8		322.0		1,241.6		294.8			1,240.0	^(Note 5)
Depreciation Expenses (billions of yen)		284.3		289.7		298.1		312.7		1,185.0		298.3			1,250.0	^(Note 6)
Geographic Information
Japan		122.6		126.3		118.0		145.8		512.8		140.7
North America		87.4		95.3		94.4		89.4		366.6		79.4
Europe		22.1		20.4		20.9		22.3		85.9		21.4
Asia		39.9		42.5		56.2		45.2		184.0		46.1
Other		12.2		5.0		8.4		9.7		35.5		10.5
Capital Expenditures (billions of yen)		274.6		407.4		358.8		564.9		1,605.8		366.6			1,860.0	^(Note 6)
Geographic Information
Japan		128.6		151.6		148.1		275.4		703.8		144.0
North America		97.9		175.3		120.1		162.7		556.1		154.1
Europe		10.3		10.3		16.9		24.1		61.7		12.5
Asia		25.7		65.5		63.4		68.1		222.9		41.1
Other		11.9		4.5		10.2		34.4		61.2		14.7
Total Liquid Assets (billions of yen)		10,532.2		11,004.6		10,278.7		11,313.7		11,313.7		12,287.8	^(Note 7)
Total Assets (billions of yen)		71,935.1		74,484.0		71,580.5		74,303.1		74,303.1		80,131.2
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		27,374.8		28,037.2		27,535.8		28,338.7		28,338.7		30,330.0
Return on Equity (%)		11.0		6.3		10.5		7.9		9.0		17.9
Return on Asset (%)		4.2		2.4		4.0		3.0		3.5		6.8
Number of Consolidated Subsidiaries (including Structured Entities)										569
Number of Associates and Joint Ventures Accounted for Using the Equity Method										168


Analysis of Consolidated Net Income Attributable to Toyota Motor Corporation for FY2024 (billions of yen, approximately)	1Q (2023/4-6)
Marketing Efforts		600.0
Effects of Changes in Exchange Rates		115.0
Cost Reduction Efforts		-155.0
From Engineering		-185.0
From Manufacturing and Logistics		30.0
Increase or Decrease in Expenses and Expense Reduction Efforts		-70.0
Other		52.2
(Changes in Operating Income)		542.2
Non-operating Income		156.5
Share of Profit (Loss) of Investments Accounted for Using the Equity Method		22.2
Income tax expense, Net Income Attributable to Non-controlling Interests		-124.2
(Changes in Net Income Attributable to Toyota Motor Corporation)		574.5

Cautionary Statement with Respect to Forward-Looking Statements

This report contains forward-looking statements that reflect Toyota’s plans and expectations.

These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.

These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand ima0ge; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.

(Note 1)

Shows the number of employees as of the end of each period (excluding loan employees from Toyota to outside Toyota and including loan employees from outside Toyota to Toyota)

(Note 2)

2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend

(Note 3)

Excluding shares constituting less than one unit that were purchased upon request and the commission fees incurred for the repurchase

(Note 4)

Shareholder return on Net Income for the period (Stated the maximum total purchase price for the repurchase of shares during the repurchase period, or the actual purchase price of shares repurchased after the completion of the repurchase period.)

(Note 5)

Figures for R&D expenses are R&D activity related expenditures incurred during the reporting period and do not conform to “R&D Expenses” on Toyota’s Consolidated Statement of Income

(Note 6)

Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease or right of use assets

(Note 7)

Cash and cash equivalents, time deposits, public and corporate bonds and its investment in monetary trust funds, excluding in each case those relating to financial services

Supplemental 3

Toyota Motor (TM) 6-KFY2024 First Quarter

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents